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Please silence your CELL PHONE Pickup a copy of Fund Your Future One per Household.

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Presentation on theme: "Please silence your CELL PHONE Pickup a copy of Fund Your Future One per Household."— Presentation transcript:

1 Please silence your CELL PHONE Pickup a copy of Fund Your Future One per Household

2 Financial Aid How to Fund Your Future Danielle Bryant M-Z Randall Jackson A-L

3 College is an Investment High School Graduate High School Graduate $ 32,552 $ 32,552 Bachelors Degree Bachelors Degree $ 53,324 $ 53,324 Masters Degree Masters Degree $ 65,364 $ 65,364

4 EFC Expected Family Contribution Expected Family Contribution What the Government Expects you to contribute What the Government Expects you to contribute Will stay the same no mater which college you attend Will stay the same no mater which college you attend More information on page 13

5 COA Cost of Attendance Cost of Attendance Tuition, Books Supplies, Housing, Food, Transportation and presonal expenses. Tuition, Books Supplies, Housing, Food, Transportation and presonal expenses. Your COA will vary from school to school Your COA will vary from school to school More information on page 13

6 Your Financial Need Your COA -Your EFC ______________________ =Your Financial Need or Net Cost More information on page 1

7 4 Types of Student Aid Grants Grants Work-Study Work-Study Loans Loans Scholarships Scholarships More information on page 1

8 Federal Grants Federal Pell Grants/Free money Federal Pell Grants/Free money $5,472 $5,472 Federal Supplemental Educational Opportunity Grant or FSEOG Federal Supplemental Educational Opportunity Grant or FSEOG $100 - $4,000 $100 - $4,000 More information on page 8

9 Cal Grant Income and Asset Ceilings For New and Renewing Applicants – Dependent students and Independent students with dependents other than spouseCal Grant A and C B Family size: Six or more $101,000 $55,500 Five $93,700 $51,400 Four $87,400 $45,900 Three $80,400 $41,300 Two $78,500 $36,700

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11 Cal Grant A Additional Eligibility Criteria: Meet income & asset ceiling (demonstrate financial need) 3.00 minimum high school GPA Pursuing AA and BA programs only Annual award amounts may be: Used for tuition and/or fees only Held in reserve while attending community college CSUUCPrivate $ 5,472/yr$ 12,192/yr$ 9,708/yr More information on page 6

12 Cal Grant B Very low income students who: Meet the income and asset ceilings 2.00 GPA minimum AA, BA/BS and Certificate programs Annual Awards $1551 stipend first year Fees/Tuition plus $1551 Available as Entitlement & Competitive Awards More information on page 6

13 Cal Grant C Low and Middle income students who: Enroll in vocational courses of study AA and Certificate programs only Can be used for any school expenses including tuition and fees Eligibility determined only after application is given Cal Grant A and B consideration More information on page 6

14 Cal Grant Guarantee Youre guaranteed to receive a Cal Grant award if you: Youre guaranteed to receive a Cal Grant award if you: are a high school senior or recent graduate,are a high school senior or recent graduate, apply by March 2,apply by March 2, graduate from a California high school,graduate from a California high school, meet income and asset ceilingsmeet income and asset ceilings meet all other eligibility requirements, andmeet all other eligibility requirements, and have financial need based on your college costs and your expected family contributionhave financial need based on your college costs and your expected family contribution More information on page 6

15 Make sure your graduating senior includes their high school on the FAFSA THSs code is (053490) Make sure your graduating senior includes their high school on the FAFSA THSs code is (053490) CSAC can then match between GPA and FAFSA information CSAC can then match between GPA and FAFSA information CSAC will be able to report to schools on missing GPAs and missing FAFSAs CSAC will be able to report to schools on missing GPAs and missing FAFSAs High School Entitlement Awards

16 Tracking your Cal Grant Track your Cal Grant and/or California Chafee Grant application or award Track your Cal Grant and/or California Chafee Grant application or award 24/7 access24/7 access Secure accountSecure account Make changes to your accountMake changes to your account Avoid delays in getting your grant – keep your account updated Avoid delays in getting your grant – keep your account updated 16

17 Work-Study Money for college that you earn Money for college that you earn Free Money Free Money Financial need Financial need Depends on your college Depends on your college

18 Loans Must be repaid this is Not Free Money Must be repaid this is Not Free Money Two kinds of Loans Two kinds of Loans Subsidized Subsidized Unsubsidized Unsubsidized $5,500 first year $5,500 first year More information on page 9

19 Federal Stafford loans Federal Stafford loans Subsidized Stafford loansSubsidized Stafford loans Based solely on demonstrated financial need Based solely on demonstrated financial need The federal government pays the interest while you are in school The federal government pays the interest while you are in school Unsubsidized Stafford loansUnsubsidized Stafford loans All eligible students can receive them, regardless of income or assets All eligible students can receive them, regardless of income or assets Youre responsible for paying the interest while in school Youre responsible for paying the interest while in school 19 Loans More information on page 9

20 Repaying your loan 20

21 Scholarship Research Contact your high school counselor Contact your high school counselor Visit the following websites: Visit the following websites: Libraries (county and city) Libraries (county and city) Bookstores Bookstores Local organizations (church groups, clubs) Local organizations (church groups, clubs) Contact parents place of employment Contact parents place of employment Contact the colleges of your choice Contact the colleges of your choice

22 Scholarships Merit Based Merit Based Based on Accomplishments Based on Accomplishments GPA GPA Class rank Class rank Community Service Community Service Need Based Need Based Based on Financial Need Based on Financial Need Cost of Attendance Cost of Attendance Expected Family Contribution Expected Family Contribution Athletic Athletic Based on Playing College Sports Based on Playing College Sports

23 The California Middle Class Scholarship Starts in for undergraduate students who are: Attending a CSU or UC campus (Current, Incoming First Time Freshmen and Transfer) Attending a CSU or UC campus (Current, Incoming First Time Freshmen and Transfer) From families with income less than $150k From families with income less than $150k U.S. citizens, permanent residents or AB 540 U.S. citizens, permanent residents or AB 540 Not incarcerated Not incarcerated California residents California residents

24 Other ways to afford college Private scholarships Private scholarships National Merit Scholarships National Merit Scholarships Community service Community service The military The military Credit for experience Credit for experience Earn credit in high school Earn credit in high school Cooperative education Cooperative education Part-time work Part-time work Start at a community college Start at a community college ScholarShare college savings plan ScholarShare college savings plan Company-paid education Company-paid education Tax benefits Tax benefits Jobs that help you repay loans Jobs that help you repay loans 24 See page 14 in your workbook

25 Will You Qualify for Financial Aid? The FAFSA The FAFSA California Dream Application California Dream Application FAFSA4Caster FAFSA4Caster Get a peek into your future Get a peek into your future

26 Top 10 Things You Must Do 1. Submit the FAFSA or Dream Act Application (AB540) 2. Submit college applications 3. Demonstrate financial need 4. Have a high school diploma 5. Be a U.S. Citizen or AB 540 student More information on page 1

27 Top 10 Things You Must Do 6. California Resident 7. Enroll in an eligible degree or certificate program 8. Maintain Academic Progress 9. Have a Social Security number 10. Register with US Selective Service (males 18-25) More information on page 1

28 Are you dependent or independent? 10 different ways to claim your independence 10 different ways to claim your independence Worksheet Worksheet Dependency Override Dependency Override

29 How do you apply? #1 You need a Social Security number You need a Social Security number Name must match Name must match Get a Federal Student Aid PIN Get a Federal Student Aid PIN This is how you E-sign your FAFSA This is how you E-sign your FAFSA Your financial records Your financial records An address An address Your drivers license number Your drivers license number More information on page 5

30 How do you apply? #2 FAFSA Web Worksheet FAFSA Web Worksheet Dont wait to file your taxes Dont wait to file your taxes Cash for College Cash for College January 22 from 4 to 7 p.m. January 22 from 4 to 7 p.m. Sign up tonight Sign up tonight More information on page 5

31 How do you apply? #3 Complete the FAFSA online Complete the FAFSA online or or Should take about an hour Should take about an hour Paper FAFSA Paper FAFSA Photocopies or faxes are not accepted Photocopies or faxes are not accepted Dont send tax forms Dont send tax forms More information on page 5

32 How do you apply? #4 Submit any other applications Submit any other applications CSS/Financial aid Profile CSS/Financial aid Profile Ask the college financial aid office Ask the college financial aid office More information on page 5

33 How do you apply? #5 Review your Student Aid Report Review your Student Aid Report The federal government selects 1 out of 3 for verification The federal government selects 1 out of 3 for verification Federal tax returns with w-2 forms Federal tax returns with w-2 forms More information on page 10

34 How do you apply? #6 Review your California aid report Review your California aid report Cal Grant Cal Grant FAFSA by March 2 FAFSA by March 2 THS will submit your GPA verification THS will submit your GPA verification Make corrections to FAFSA Make corrections to FAFSA If you were not awarded a Cal Grant If you were not awarded a Cal Grant Community College by September 2 Community College by September 2 More information on page 10 & 11

35 How do you apply? #7 Evaluate Your Financial aid Offers Evaluate Your Financial aid Offers Each college you list on your FAFSA Each college you list on your FAFSA COA might be covered by a mix of grants COA might be covered by a mix of grants Offers will vary – dont miss deadlines Offers will vary – dont miss deadlines You can pick and choose the aid you want. You can pick and choose the aid you want. More information on page 10 & 11

36 Sample financing plan 36 Student: Serena Age: 18 Status: Single (dependent on parents) Housing: At home with parents Parent income: $40,000 (A) CSU cost of attendance (living at home with parents): Fees/tuition: $5,472 Books/supplies/room/board/misc. expenses: $9,756 $15,228 (B) Grant assistance total Serena is eligible for grant assistance based on her familys financial resources. The campus aid office pulls together grant aid from a variety of sources, including federal Pell Grants, state Cal Grants and the CSUs own grant funding. $9,680 (A - B) = Net cost to family The net cost is the amount that Serenas family must pay after need-based grants are taken into account. $5,548 MANAGING THE NET COST Parents and students work together to cover the net cost using resources provided by the college, including parent and student education loans, part-time work during the academic year, and savings from summer earnings. The net cost is not due all at once. Many costs, such as living expenses, are incurred over time. Here is a sample of how Serenas family might cover her net cost. Serenas parents Combination of current earnings, savings or a parent loan: Serenas parents would be expected to contribute $926 for the year. $926 Serena Student part-time work during academic year: Student education loans: Savings from summer jobs: $0 $2,981 $1,641 This chart is on page 13

37 Report Aid If your student get a scholarship and you would like to have the scholarship printed in the senior awards night program let Mrs. Anderson in the career center know. If your student get a scholarship and you would like to have the scholarship printed in the senior awards night program let Mrs. Anderson in the career center know. Parents be aware all scholarship awards must be reported to your students college financial aid office, including local ones. Parents be aware all scholarship awards must be reported to your students college financial aid office, including local ones.

38 Contact the counseling office Phone Phone See on January 22 th See on January 22 th Cash for College signup tonight Cash for College signup tonight

39 Thank you for coming Useful Websites ACT: AmeriCorps: Cal Grants: Grants: California Cash for College workshops: Cash for College workshops: College Board: Board: California colleges: colleges: College Savings Plan: Savings Plan: ECMC: FAFSA: Federal Financial Aid: Financial Aid: 39


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